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It's because just because you write ,,simply'', it's not a simple thing. Just as an example Ethereum was trying hard to do it for many years now without any suc

It's because just because you write ,,simply'', it's not a simple thing. Just as an example Ethereum was trying hard to do it for many years now without any success. But the real reason is that there is no real solid formally written and proven ,,proof of stake'' algorithm so far.

chrisco255 6y ago
ETH2 proof of stake beacon chain shipped in December. There's tens of thousands of ETH2 validators live today. Proof of work is still in place for base chain, so ETH is a hybrid currently. But they'll be off proof of work within a year to year and a half. For blockchains as big and old as Bitcoin and Ethereum I understand migrating to a new consensus algorithm is no easy task and comes with risks. But it is doable. And they could even prove it out on one of the many BTC forks or dupes such as BCH or Doge or Litecoin if need be. My question isn't about the technical feasibility, but I'm more interested in the game theory mechanics. The arguments against proof of stake from that point of view seem to dry up as mining rewards dry up, no?
- 0x64 6y ago
  >There's tens of thousands of ETH2 validators live today. Over 100,000 as of a few days ago!
- xiphias2 6y ago
  If ETH is hybrid now, how much it helped the energy usage? Did it go down significantly compared to a year ago (even if measured in ETH)? Bitcoin had a halving, which was very sifnificant energy usage decrease measured in BTC (which caused the significant price increase).
  - melolife 6y ago
    ETH cannot be described as a hybrid. The 2.0 chain is currently independent of the existing chain. The plan is to dock the existing chain as a shard of the new one, at which point it immediately becomes 100% proof of stake.
  - chrisco255 6y ago
    Calling the halving a significant energy usage decrease is the opposite of what happens after a halving. A halving means miners are paid half as many BTC for discovering new blocks, then prices increase, which means that miners can afford (and typically must to stay competitive) to pay more for mining equipment and electricity to mine blocks profitably.

chrisco255 6y ago

ETH2 proof of stake beacon chain shipped in December. There's tens of thousands of ETH2 validators live today. Proof of work is still in place for base chain, so ETH is a hybrid currently. But they'll be off proof of work within a year to year and a half. For blockchains as big and old as Bitcoin and Ethereum I understand migrating to a new consensus algorithm is no easy task and comes with risks. But it is doable. And they could even prove it out on one of the many BTC forks or dupes such as BCH or Doge or Litecoin if need be. My question isn't about the technical feasibility, but I'm more interested in the game theory mechanics. The arguments against proof of stake from that point of view seem to dry up as mining rewards dry up, no?

0x64 6y ago
>There's tens of thousands of ETH2 validators live today. Over 100,000 as of a few days ago!
xiphias2 6y ago
If ETH is hybrid now, how much it helped the energy usage? Did it go down significantly compared to a year ago (even if measured in ETH)? Bitcoin had a halving, which was very sifnificant energy usage decrease measured in BTC (which caused the significant price increase).
- melolife 6y ago
  ETH cannot be described as a hybrid. The 2.0 chain is currently independent of the existing chain. The plan is to dock the existing chain as a shard of the new one, at which point it immediately becomes 100% proof of stake.
- chrisco255 6y ago
  Calling the halving a significant energy usage decrease is the opposite of what happens after a halving. A halving means miners are paid half as many BTC for discovering new blocks, then prices increase, which means that miners can afford (and typically must to stay competitive) to pay more for mining equipment and electricity to mine blocks profitably.